Ffrees Current Account Review

We cover such things as what the criteria are in order to apply to Frees to open one online as well as explaining the difference between the four current accounts (packages) that they offer – the ‘Ffrees Zero’, ‘Ffrees 5-Free ATM’, ‘Ffrees 5 – Free BACS’, and ‘Ffrees 10’.

*From 17th October 2016, the undermentioned Ffrees Account packages are no longer available to new applicants.*

Features at a glance

Visa debit card to buy things online, in high street shops or by phone.

Manage the account online.

“Cashback as Ffrees Points” Rewards system on certain purchases.

Have your wages, salary, benefits and pension automatically paid in.

Pay in cash at over 27,000 PayPoint outlets.

What type of account is available?

A current account is provided that offers many of the features and benefits as those provided by the major banks and building societies enabling you to pay money in, pay regular and one off bills and withdraw cash.

Who is allowed to apply?

As long as you live in the UK and are at least 18 years of age you can submit an application. As no credit check is undertaken, this may be a suitable alternative to a bank account for people with bad credit.

For instance, if you are employed, retired, self-employed or on benefits you can apply and it doesn’t matter if you have a poor credit history as a result of getting into financial difficulty such as being in default with a loan, have CCJs or are bankrupt as you should be accepted.

How do you go about applying?

You apply online with the process usually being quick and simple.

Ffrees will try to confirm your identity and address by electronic means. If they are not able to do this they will contact you with a view to you providing certain documents to verify these things.

What does the account allow you to do?

You can get your employer to automatically pay in your wages or salary. You can also arrange for your pension or benefits to be paid in on your behalf. Furthermore, you can pay funds into your Ffrees bank account by transferring money online from a bank account elsewhere. Cash can be paid in at over 27,000 PayPoint outlets that are located at numerous places around the UK.

You can pay regular bills such as your mortgage, utilities and car insurance by standing order and can make one-off payments into another person’s bank account online. You can also send payments to PayPal by standing order.

You will be issued with the Ffrees Visa Debit Card. This enables you to withdraw cash at many ATMs both in the UK and abroad and buy both goods and services either in shops in the high street, online or over the phone.

You can manage your account online 24/7. Ffrees provides a Jam Jars system that enables you to keep monies separate to cover your regular household bills or perhaps to save for a holiday.

Another interesting feature is the “Cashback as Ffrees Points” rewards system. Ffrees has partnered with numerous retail outlets and financial providers and should you spend any money with them you will be awarded Ffrees points that can be swapped for cash and paid into your Ffrees current account in due course.

Do you have to pay anything?

The fee structure varies between the four account packages they provide so please visit their website for further details. A brief outline is provided below: –

Ffrees Zero – No application fee. No monthly management fee although a £2 monthly charge applies if the account has remained dormant for 2 months. UK ATM withdrawal fee of £0.75 per transaction. BACs payments out are £0.75 each. When you use your Ffrees debit card to buy items in the UK you are charged £0.15 each time.

Ffrees 10 – No application fee. A monthly management fee of £10.00. You can make up to 10 free UK ATM withdrawals a month and then you pay £0.25 per transaction. BACs payments out are free.

For other fees please see their website.

(The above information was correct as at 12th January 2016 – please check the company’s website in case of any changes)

Summary

With four current accounts (packages) to choose from, you will hopefully be able to select the Ffrees bank account that provides the features and benefits that you require enabling you to manage your day to day banking. All are suitable for people with bad credit scores who may be looking into getting a bank account.